IMARC Group, a leading market research company, has recently released report titled “ Bakery Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global bakery products market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the bakery products market?

The global bakery products market size reached USD 515.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 692.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.

Factors Affecting the Growth of the Bakery Products Industry:

  • Increasing Urbanization:

Urbanization significantly influences the growth of the bakery products market. As more people move to urban areas, they adapt to fast-paced lifestyles that often limit the time available for home-cooked meals. This shift has created a demand for convenient food options, including bakery products like bread, pastries, and cakes, which can be easily purchased and consumed on the go. Urban centers are characterized by a diverse population with varying tastes and preferences, encouraging bakeries to expand their product ranges to cater to different cultural and dietary needs. Additionally, urban consumers tend to have higher disposable incomes than those in rural areas, allowing them to spend more on food items perceived as convenient or indulgent. This economic capacity drives the market for both everyday bakery products and premium, artisanal goods. Moreover, the concentration of supermarkets, hypermarkets, and convenience stores in urban regions makes bakery products more accessible to a larger audience.

  • Rising Disposable Income:

The increase in disposable income levels globally has been a major driver of the bakery products market. As individuals and households experience financial growth, there is a noticeable shift in consumption patterns toward more varied and higher-quality food options. In many developing and developed countries, rising incomes have led consumers to spend more on food, including bakery items considered premium or specialty products. This trend is particularly evident in urban and suburban areas, where consumers have greater exposure to diverse food cultures and a broader range of bakery products. The willingness to spend on premium products is linked to the desire for better taste, convenience, and unique experiences that bakery goods offer, from gourmet pastries to artisanal bread. Furthermore, the growing middle class in emerging markets has led to increased demand for bakery products, as these consumers now have the financial means to explore and indulge in new food experiences.

  • Growing Demand for Convenience Foods:

The modern consumer’s preference for convenience has been a significant force propelling the bakery products market forward. With hectic work schedules, longer commuting times, and increasingly busy lifestyles, there is a growing trend towards ready-to-eat (RTE) and easy-to-prepare food options. Bakery products fit this need perfectly, offering a wide range of items that are not only tasty but also convenient. From pre-packaged bread and muffins to ready-to-eat (RTE) sandwiches and cakes, these products provide quick meal and snack solutions for consumers on the go. Additionally, the demand for convenience foods is further amplified by the rise of single-person households, dual-income families, and students who prefer quick meals that require minimal preparation. In addition, the widespread availability of bakery products in supermarkets, convenience stores, and online platforms makes them a convenient choice for many consumers.

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Bakery Products Market Report Segmentation:

Breakup By Product Type:

  • Biscuits
    • Cookies
    • Cream Biscuits
    • Glucose Biscuits
    • Marie Biscuits
    • Non-Salt Cracker Biscuits
    • Salt Cracker Biscuits
    • Milk Biscuits
    • Others
  • Bread and Rolls
    • Artisanal Bakeries
    • In-Store Bakeries
    • Packaged
  • Cakes and Pastries
    • Artisanal Bakeries
    • In-Store Bakeries
    • Packaged
  • Rusks
    • Artisanal Bakeries
    • In-Store Bakeries
    • Packaged

Bread and rolls hold the majority of the market share as they are staple foods consumed daily in many cultures.

Breakup By Distribution Channel:

  • Convenience Stores
  • Supermarkets and Hypermarkets
  • Independent Retailers
  • Artisanal Bakeries
  • Online Stores
  • Others

Supermarkets and hypermarkets accounted for the largest market share because they offer a wide variety of bakery products in one location, providing convenience and attracting a large customer base.

Breakup By Regional Insights:

  • Asia Pacific
  • Europe
  • North America
  • Middle East and Africa
  • Latin America

Europe's dominance in the market is attributed to the long-standing tradition of diverse bakery consumption, with high per capita consumption rates and a mature market for both traditional and innovative bakery products.

Global Bakery Products Market Trends:

Recent innovation in product offerings, such as gluten-free, vegan, and low-calorie options, to cater to diverse consumer preferences is propelling the market growth. Additionally, the significant growth of retail channels, including supermarkets, hypermarkets, and online platforms, which make bakery products more accessible to a broader audience, is boosting the market growth. Additionally, the shifting trend toward healthier eating, leading to the development of bakery products with whole grains, organic ingredients, and reduced sugar and fat, is catalyzing the market growth. Furthermore, the expansion of hotels, cafes, and restaurants worldwide, boosting the demand for fresh and high-quality bakery products, is strengthening the market growth.

Leading Companies Operating in the Global Bakery Products Industry:

  • Bimbo Group SAB of CV
  • Yamazaki Baking Co., Ltd.
  • JAB Holding Company
  • ARYZTA AG
  • Flowers Foods, Inc.
  • Rich Products Corporation
  • Dr. August Oetker Nahrungsmittel KG
  • Gruma, SAB of CV
  • General Mills, Inc.
  • Associated British Foods (ABF) Plc

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